Shared Ledger Technology is increasingly mature, but remains a relatively under-deployed technology in the digital identity space. The emergence of self-sovereign identity approaches, underpinned and powered by shared ledgers, offer new and exciting solutions to establishing digital identities.
As both technologies gain greater mainstream focus, will the combination of the two approaches unlock genuinely consumer-focused identity solution? Moving away from large centrally managed architectures, and giving consumers the power to store, manage and share their personal attributes at a time and manner entirely of their own choosing embodies the new data protection environment post-GDPR and addresses consumer concerns over the power of the big tech companies. It limits the need for centralised processing power and removed honey-pots for hackers. At a technical level the flexibility and immutability of the ledger enables individuals and enterprises to build trusted identities that rely less on formal proofs and easy to forge documents – important in the developed world, but absolutely game changing in the developing world.
The combination of Self-Sovereign and Shared Ledge provides new opportunities and a new vista for digital identity development. Our recent research both identifies the potential of the combined tech, the natural fit with the legislative landscape, and provides a clear view to the factors that will enable wider adoption.
Key takeaways:
Managing digital identities and being in control of your own data, sharing it only when necessary and as much as necessary seems to be impossible through traditional centralized identity management models.
Blockchain technology is promising to solve this challenge by providing a decentralized approach which offers the challenge of digital identities more control and security. Blockchain makes Self Sovereign Identities (SSIs) possible. Such concepts and a number of commercial products are being offered on the market already.
It remains to be seen how scalability, governance questions, and future privacy regulations affect the adoption of blockchain technology. This panel will guide you through current developments and challenges in this area.
Managing digital identities and being in control of your own data, sharing it only when necessary and as much as necessary seems to be impossible through traditional centralized identity management models.
Blockchain technology is promising to solve this challenge by providing a decentralized approach which offers the challenge of digital identities more control and security. Blockchain makes Self Sovereign Identities (SSIs) possible. Such concepts and a number of commercial products are being offered on the market already.
It remains to be seen how scalability, governance questions, and future privacy regulations affect the adoption of blockchain technology. This panel will guide you through current developments and challenges in this area.
